The origin Protocol prices have dropped by more than 4 per cent in today’s trading session. In the last 24 hours, the Origin Protocol’s price has lost more than 10 per cent. This is a continuation of the last two days, which have seen the prices drop by 16 per cent.
The last few years have seen an explosion in the usage of NFTs. As a result, new platforms have also been created to cater to the emerging multi-billion industry. one of these platforms is the Origin Protocol. This Ethereum-powered platform aims to bring Non-Fungible Tokens (NFTs) Decentralized Finance (DeFi) to the public.
The Origin Protocol journey started when the platform was creating decentralized e-marketplaces. The platform would later take a different direction and focus on creating a marketplace for NFT.s. They named the platform NFT Launchpad and indicated they would simplify NFT issuance.
The platform also promised its users to focus on placing more power on digital asset creators. Since then, the Origin Protocol, a token of the NFT platform, has grown to be in the top 300 most valuable cryptocurrencies globally. The token also has a market capitalization of over 200 million and a daily trading volume of over 60 million.
Today’s trading session has seen the Origin Protocol price drop by more than 4 per cent. The protocol’s price action for the day has also shown increasing volatility and momentum to the downside. The drop has also been a continuation of a downward trend that started on March 20 and has seen the price drop by 40 per cent.
Looking at the four-hour chart below, we can see the prices approaching the lower trendline of the descending channel. Based on the current momentum of the downward trend, I expect the prices to break to the downside of the trendline. There is also a high likelihood that Origin Protocol price will continue with the downward trend until it hits the $0.40 support level.
This post was last modified on Apr 06, 2022, 15:02 BST 15:02